“Lanxess is facing significant challenges, for example in terms of market capacities and business portfolio,” he said. “Therefore, the supervisory board believes it is the right time to hand over responsibility to a new leadership in order to overcome these challenges.”

Merck's vice chairman Frank Stangenberg-Haverkamp expressed his “regret” at the departure of Zachert.

“We are losing a proven expert who during his three years at Merck has realigned the global finance organisation and played a significant role in our transformation programme,” Stangenberg-Haverkamp said.

“We very much regret that Matthias Zachert will leave Merck, but understand his decision in light of the attractive assignment,” he added.